Monetary limit for filing of appeal applicable if sale of penny stock was shown as PGBP income rather than capital gains

Monetary limit for filing of appeal applicable if sale of penny stock was shown as PGBP income rather than capital gains

April 23, 2022
INCOME TAX : Circular No. 23 of 2019 dated 6-9-2019 read with Office Memorandum dated 16-9-2019, shall apply when assessee has earned/claimed bogus LTCG/STCL through penny stocks, however, where assessee has shown sale and purchase of such alleged penny stocks as 'income from business or profession' in its return of income, said Circular read with Memorandum would not be applicable

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